Angel investors provide entrepreneurs with unique opportunities that aren’t found in traditional banks and financial institutions. They make funds available to launch your business within a shorter timeframe with lower interest rates. They also leverage their own personal skills and experience in helping entrepreneurs scale their businesses.
As a result, angel investors are very thorough when funding an entrepreneur’s idea. It doesn’t really matter how great the business idea is, they prioritise specific qualities in an entrepreneur.
Naval Ravikant, an acclaimed Indian-American entrepreneur and angel investor, reveals in a podcast, the four key traits he considers in an entrepreneur.
Let’s have a look.
It’s obvious that investing in an entrepreneur who is not knowledgeable is a bad idea. Ravikant said that the entrepreneur must deeply know and understand their product and the respective industry in which it operates. If this characteristic is not demonstrated by an entrepreneur, he refuses the bid and move on to the next.
Energy is another attribute that Ravikant looks for in an entrepreneur. This makes sense of course, given the fact there’s an enthusiastic CEO behind every successful business. It takes years of tireless commitment to turn an idea into a functional and profitable company, said Ravikant, which is why he observes to see if an entrepreneur is reluctant to start their business.
In order to make it in business, entrepreneurs must have a strong moral compass. However, many betray their values for a fast buck, degrading their venture’s reputation and eventually putting their business at risk of failure. Ravikant knows the significance of honesty, which is why he explicitly looks for this trait in entrepreneurs.
In order for Ravikant to invest in an idea, an entrepreneur does not necessarily have to be pleasant, but should have a positive mindset along with the inherent ability to interact with others. If an entrepreneur has poor skills, he or she will have a difficult time running a profitable company.
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